EBRD sign Eastern Europe energy efficiency deal with Honeywell

Apr 29, 1997 02:00 AM

The European Bank for Reconstruction and Development (EBRD) is financing a $ 25 mm multi-project facility with Honeywell to increase energy efficiency in Eastern Europe. The facility will provide much needed funds for energy service companies (ESCOs) operating in the region, the EBRD said. "While use of ESCOs within the EBRDs countries of operations is one of the most effective mechanisms for implementing energy efficiency, commercial banks have little experience in this area. This makes it difficult for the ESCOs to raise finance from these sources," Jacques de Larosiere said in a statement. "The EBRD's presence will provide political risk comfort to Honeywell as a degree of risk sharing for both institutions," said Larosiere.
Under the deal, Honeywell will help set up a network of energy service companies. Honeywell's president and chief operating officer Giannantonio Ferrari said the company's first ESCO under the deal would be launched in Poland in the next two months. The multi-project facility is the EBRD's third large scale funding of ESCO activities. The EBRD has already entered similar agreements with Landis and Gyr (Europe) Corp and Cie General de Chauffe.

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